More than a third of Americans earning over $500,000 say they are living paycheck to paycheck, according to Goldman Sachs Asset Management's Retirement Survey and Insights Report 2026. The survey found that 36.6% of respondents in that income band described themselves that way, a higher share than any other group except households earning less than $50,000, where 60.8% said the same.
Goldman said the strain reflects a broader squeeze. Housing, health care, education, caregiving and everyday costs have outpaced wage growth for decades, leaving households with less room to save. The report said the challenge is not participation anymore; it is competing needs.
Consumer prices have climbed roughly 22% over the past five years, according to the U.S. Bureau of Labor Statistics' consumer price index. Households are paying more for groceries, health care, rent and mortgages. Gasoline prices were up 27.4% year over year in August.
At the same time, the broader economy still looks solid on paper. Unemployment was 4.2% in September, and consumer spending rose by $190.8 billion in August, according to the Bureau of Economic Analysis. Goldman said that beneath strong employment and resilient spending lie growing financial pressures that threaten long-term retirement readiness.
The survey covered 5,106 people, including 3,612 workers and 1,494 retirees ages 45 to 75. Respondents were grouped into six income bands, from under $50,000 to above $500,000. The paycheck-to-paycheck share fell to 22.2% among households earning $100,000 to $200,000, then rose again to 34.2% for the $300,000 to $500,000 band and 36.6% at the top.
Retirement saving momentum also slowed. The share of working respondents who increased their retirement savings fell from 55% in 2025 to 39% this year, which Goldman called the largest single-year decline since 2020. Eighty percent of respondents earning more than $500,000 said they had delayed a major financial goal despite being employed, and 45% said they had delayed retirement savings specifically.
Goldman said higher earners face a different kind of pressure than lower-income households. The firm pointed to higher lifestyle expectations, larger fixed commitments and a gap between the retirement they envision and what they have actually secured. It also said family obligations play a role at every income level.
For free enterprise, the lesson is blunt. A headline income does not cancel out the cost of living, and it does not erase the damage done when essentials rise faster than productivity and savings can keep pace. Capital rewards clear rules, but households are left to navigate a system where bigger paychecks can still disappear into taxes, mortgages, tuition and the administrative grind of modern life.
The market has already voted on this reality. People at every income level are adjusting behavior, delaying goals and trimming retirement plans. When even top earners are living on a razor's edge, the real problem is not just income. It is the rising cost structure eating into the taxpayer, the saver and the family budget alike.
